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4 Key Trends Of Business Loans In India Every Business Owner Should Know

The business loan scenario in India is undergoing a significant change. Here are the 4 major factors driving the current market.

The business industry in India has adapted well to global and national occurrences in recent times, be it the Indian PM’s demonetization move or USA President Donald Trump’s election. Regardless of the socio-economic changes, entrepreneurs remain as keen as ever on setting up or stabilizing their business ventures with financial aid from lenders. Thanks to the considerable demand for business loans in both organized and unorganized sectors, the number of lenders offering monetary support for business operations has also registered a notable increase. With the arrival of Non-Banking Financing Companies (NBFCs) on the scene, business owners are getting access to highly competitive interest rates accompanied by advanced facilities.

With such key factors already influencing the ways in which Indian SMEs seek financial support, what are the lending trends that will shape the future of the business industry?

The Major Trends To Watch Out For In 2017

Greater Demand For Business Loans

The Indian Prime Minister’s move to demonetize Rs.500 and Rs.1000 currency notes led to business owners running to financial institutions for small and medium business loans. The move especially impacted the small and mid-size manufacturers and traders who are more likely to carry out financial transactions with cash. Since demonetization is set to have a long-lasting impact, these businesses will continue to depend on financial aid from finance companies. Additionally, any new enterprises entering this sector will likely follow the same route. Added to this, the availability of business loans online is providing a boost to the SME sector, and will continue to do that in the years to come. With easy online loan application and quick approvals, businesses now have access to funds sooner than before.

With the advent of digital technology, businesses are experiencing a sea change in all aspects related to their fields. To stay ahead of the game and gain an edge over the ever-increasing competition, most firms are taking the help of digital technology. Not to be left behind, the business industry has also embraced SMAC technology to further growth and increase revenue. They are likely to experience a phenomenal increase in efficiency and output with this move.

Mutually-Beneficial Partnerships

The introduction of a Unified Payments Interface (UPI) and Bharat Bill Payments System is set to remarkably further the payment ecosystem of India. NBFCs will be able to partner with both bill payment providers and financial institutions like asset management companies to register easier long-term growth. For their customers, this will ensure better service offerings and improved facilities as compared to traditional lending sources like banks.

E-Commerce Is Paving The Way For Efficiency

Having made a noticeable impact in the last few years, e-commerce is only expanding its presence in the Indian market. Not only are most new businesses going digital, but many existing Indian firms are also engaging with e-commerce to fulfil their requirements and accrue savings. E-commerce has not only given new companies an edge over competition, but also made ‘glocal’ business possible, changing the way business is conducted in the country.

All businesses, small or large, feel the need for external sources of money for the smooth functioning and growth of their enterprise. A business loan offers the quickest and most comprehensive way of facilitating this need. A Business Loan from Bajaj Finserv combines the lowest interest rates, highest loan amounts, and the best add-on facilities.

Terms and Conditions

I declare that all the particulars and information provided by me in this application form are true, correct, complete and up-to-date in all respects and that I have not withheld any information whatsoever.

I confirm that I have/had no insolvency proceedings against me nor have I ever been adjudicated insolvent by any court or other authority and I further confirm that I have read the information on various loan products made available by Bajaj Finance Limited (hereinafter referred to as “Bajaj Finance?) on the Website www.bajajfinserv.in.

I authorize Bajaj Finance to exchange, share all information and details as provided by me in my application and in relation to my existing loans and/or repayment history to any third party including but not limited to its group companies, service providers, banks, financial institutions, credit bureaus, telecommunication companies, statutory bodies, etc. for customer verification, personalization of products or services, credit rating, data enrichment, marketing or promotion of Bajaj Finance services or related products or that of its associates and affiliates or for enforcement of your obligations and I shall not hold Bajaj Finance (or any of its group companies or its/their agents/representatives) liable for the use/sharing of the information as stated above.

I agree and affirm that Bajaj Finance may contact me and communicate with me over telephonic calls, or SMS on the mobile number mentioned in the application, or through any other communication mode (“Communication Modes?) to verify the details provided by me on the application. Further, I confirm that I would like to know through the above mentioned Communication Modes various Bajaj Finance loan offer schemes or loan promotional schemes or any other promotional schemes relating to various products/services offered by BFL/its group companies from time to time and hereby authorize BFL, its group companies, employees, agents, associates to contact me from time to time for the same.

I agree and confirm that laws in relation to the unsolicited communication referred to in the “National Do Not Call Registry? (the “NDNC Registry?) as laid down by the Telecom Regulatory Authority of India will not be applicable for such communication/calls/ SMSs received from BFL, its group companies, its employees, agents and/or associates.

I undertake to keep Bajaj Finance updated of any change in the information provided by me in this application form.

I understand and acknowledge that Bajaj Finance shall have the absolute discretion, without assigning any reason to reject my loan application and that Bajaj Finance shall not be responsible/liable in any manner whatsoever for such rejection.

I further understand and agree that pursuant to this application form, I will be required to submit documents to the satisfaction of Bajaj Finance and accept the loan terms and conditions for availing the loan granted to me by Bajaj Finance from time to time.